Property and assets owned by media mogul SK Macharia will be placed under receivership, if he does not deposit Sh 45 million as security in a case which dates back in 1986.
Commercial Court Judge Alfred Mabeya on Thursday issued orders that Macharia increases the amount of security from Sh 34 million to Sh45 million within 21 days.
Justice Mabeya said if the orders were not granted, the assets of the applicants would be taken over by the official receiver. This, he said, would adversely affect his media houses as there will no longer be directors in the company. The amount accumulates from an initial figure of sh. 500,000 with interest at 19 percent per annum compounded monthly from December 1986.
Macharia’s family owes the applicant a debt prompting the company to file bankruptcy proceedings against them.
SK Macharia owns Citizen Television and a number of FM stations around the country.
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